J P M O R G A N 8 Europe Equity Research 21 September 2026 China Metals Activity Tracker China Copper destocking weak vs historical trends whilst Aluminium destocking pace remains strong We present our high-frequency inventory trends for base metals and iron ore in China for the week ended 18 Sep'26. Our data plots China weekly metals inventory trends, a proxy for consumption. In the past week, China drawdown trends continued across industrial metals although strength in drawdown in Copper continues to be w ...